Reduce costs

Cutting costs with data

Waste and inefficiency are rife in most large enterprises, and it’s something that we’ve got to grapple with and we’ve got to drag down if we want to drive up our EBITDA figures and increase our enterprise value. Here are 4 ways you can choose from.

Reduce time wasted looking

Reduce the time your data science team take to find the right data. That will reduce the cost to produce your analytical insights.

Avoid unnecessary confusion costs

You can also take a look across the business at where data is being used today and the costs it’s creating. For example, are there teams that receive data from other parts of the business but after waste time cleaning and organising it so that they can put it to use in their own part of the business? The finance team is an exact example of this, where they have to spend hours putting together data from all parts of the business in order to produce the books and records on time.

Make more accurate decisions

So look at the decisions being made by the business and where they increase costs. How about you reduce undeliverable orders by improving location data? What about saving on posting and shipping? By improving data on the shipping requirements for each product and customer agreements? So if you’ve got seven days to ship a product, don’t expedite it and waste the money on overnight deliveries.

Share data for a discount

Are you able to share data with your suppliers that are valuable to them? Because if you can, you might be able to share that data in exchange for a discount on your purchase prices.